Technical Indicator Suggests ADA’s Bullish Momentum Could Continue

Technical Indicator Suggests ADA’s Bullish Momentum Could Continue

  • Cardano is currently trading at $0.3465 after a 5.09% drop in price.
  • ADA weakened against BTC and ETH by about 4.30% and 3.47% respectively.
  • The upward move could continue for ADA in the coming days.

Almost all of the top 10 biggest cryptocurrencies are in the red after a successful weekend of trading, and Cardano (ADA) is no exception to this. The Ethereum-killer is currently trading at $0.3465 after a 5.09% drop in price over the last 24 hours. The crypto also reached a high of $0.3685 and a low of $0.3431 over the same time period.

On the other hand, when looking at the longer timeframes for ADA, we see that the altcoin is still in the green by 25.12% over the last week and is up by more than 15% over the last thirty days.

ADA weakened against Bitcoin (BTC) and Ethereum (ETH) by about 4.30% and 3.47% respectively. Also in the red zone is ADA’s 24 hour trading volume which currently stands at $525,146,755 after a more than 16% decline since the day before.

With its market cap of $525,146,755, Cardano (ADA) is currently the 8th biggest crypto in the market. This places it right behind Binance USD (BUSD) which is ranked 7th on the list of biggest cryptos.

Technical Indicator Suggests ADA’s Bullish Momentum Could Continue PlatoAiStream Data Intelligence. Vertical Search. Ai.
Cardano / Tether US 1D (Source: CoinMarketCap)

The daily chart for ADA indicates that the Ethereum-killer’s 9-EMA (Exponential Moving Average) line has crossed bullishly above the 20-EMA line. This could be a sign that the altcoin’s upward move will continue in the coming days.

ADA also recently flipped its $0.3458 resistance into a support. If the altcoin closes today’s trading session below this level, it could invalidate the bullish thesis and ADA’s price may drop down to the 9-EMA level.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Post Views: 119

Time Stamp:

More from Coin Edition